It will be difficult for ECB President Draghi to reach a consensus on
extending bond purchases at this meeting. Any decision not to make a
move is, however, likely to come with even stronger rhetoric over its
determination to lift inflation with Draghi also likely to a promise a
policy re-evaluation in the fourth quarter. An implied suggestion of
further action would lessen the risk of a squeeze on short Euro
positions and lessen selling in equities.
